August 13, 2018
I am opposed to the whole idea of bitcoin, because bitcoin does not have intrinsic value and SEC was created to prevent sale of pieces of the blue sky.
The origin of bitcoin idea was distrust in USD, because Modern Money Mechanics reads like USD does not have intrinsic value. The booklet was written at the time when USD was backed by gold. It has been amended after Nixon Shock, but not overhauled.
USD does have intrinsic value because it is owed by FRB and eventually by US government. A promissory note's intrinsic value is solid when the debtor to the note has enough assets. The problem with USD is the fast-increasing government debt, but it is not as significant as the gold standard advocates may think. It is not incurable. If you read an annual report of Federal government, all the DOD assets and all the Federal land (including the mineral resources underneath) are out of the balance sheet. This is why the problem is less significant than looking. And we can start to fix the problem by understanding the nature of today's USD, which is a note money.
Before 1971, USD was a warehouse certificate money.
Before 1861, USD was a commodity money.
There have been three kinds of money, when classified according to the way the money carried intrinsic value. I have said where is the intrinsic value of a note money. For the other two, shown right above this paragraph, you know how they carried their intrinsic values.
Bitcoin is a commodity money, which cannot be a store of value without having its own value established before becoming money. Bitcoin is not a solution to our problem with USD. The solution is with how to control government debt and how to maintain the value of US government.